During the week of June 14-20, 2021, Bitcoin whales mobilized 92,915 BTC through 51 trades. Here it is worth mentioning that Whale Alert’s reports on Twitter seem to have stopped including movements between unknown wallets and, therefore, this trend was not registered in the week.
Before continuing, we reiterate that all the data collected in this summary can be found in Whale Alert’s Twitter reports. This article is just a look at one of the factors influencing the price of BTC, and is not isolated from the rest.
Bitcoin Whales mobilize 93K BTC this week
The predominant trend in terms of BTC mobilized during the time analyzed was the transfer between exchanges. Interestingly, this would be the first time in a long time that this happened. As the summary table shows, 38.88% of the weekly total went from one exchange to another, which is equal to 36,123 BTC. What made the difference is that on Friday, June 18, whales mobilized about 24,600 BTC in this way.
The accumulation then picked up some strength this week, with a total of 30,982 BTC (33.34% of the weekly total) moved from exchanges to unknown wallets. With this, the offer of whale tokens on the market was lower than in previous weeks.
As for the introduction of liquidity in the market, we can highlight that the whales carried 25,810 BTC from unknown wallets to exchanges. This is equal to 27.78% of the weekly total.
Bitcoin performance this week
At the time of writing, Bitcoin is worth $ 34,282, representing a 4.36% drop in the last 24 hours. This is the continuation of a decline shown since the beginning of the weekend. Earlier in the week, BTC struggled to stay above $ 40K, but it was quite short-lived. According to TradingView, Bitcoin’s relative strength index stands at 39.28, which is considered neutral. However, there are about 16 technical indicators that show a strong selling trend in the market in the last 24 hours.
According to CryptoQuant CEO Ki Young Ju: “The BTC market is very uncertain right now. Selling whales indicates a bearish / false bullish market, and retailing implies a bullish market. We’re neutral now. Stop trading, be patient and wait for the next volatilityยป.
Something that may have largely influenced these developments is the fact that the Federal Reserve took an aggressive turn, bringing forward the moment of its next interest rate hike to 2023. Since then, most assets, including BTC, are facing selling pressures. However, Bitcoin has remained relatively resilient compared to most fiat currencies and gold.
Concluding remarks
Therefore, it could be said that in the short term the trend is quite bearish. If you are one of those who hopes to recover some investment made at higher prices perhaps you should not sell at this time. Whales that sold their tokens before may have taken advantage to buy back at lower prices. But by no means are they trending at current prices, and that’s why we invite you to follow closely not only the weekly summary of whale activity, but BTC updates in real time.
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